13 February 2015



Today’s Issue Cluster: Ukraine

Cards – AmEx Is Losing Its Millionaires
Cigs – Toll on Health Worse Than Previously Thought
Pot – Colorado’s legal market: $700m last year, $1b by 2016


MAJOR DATA POINTS

Germany – Q4: Economy picks up speed; +0.7% from +0.1% / AP / B

France – Q4: Economy in slowdown; +0.1% from +0.3% / DT

Greece – Q4: Economy shrinks; -0.2% from +0.7% / R

EZ – Q4: Growth Exceeds Expectations; +0.3% from +0.2% / FT / R / NYT / WSJ / AP * *

US – Jan: Import prices show biggest drop since 2008; -2.8%, -8.0% yr / WSJ / R *

US – Feb: UMich consumer sentiment falls; 93.6 from 98.1 / R *


MARKETS

Bonds – US Treasurys Carry Weight of the World WSJ / FT / FT *

Bonds – EZ junk-rated debt holds its appeal FT * *

Bonds – EM allure fades as US rate rise looms FT * * *

Bonds – China Directive Cuts Into Debt Issuance WSJ *


ECONOMICS

EU – Greece bailout talks break down FT / R / WSJ / FT / FT *

EU – Greece Seeks to Make War Reparations Part of Debt Debate WSJ *

EU – ‘Athens Inches Closer to Renewal of Debt Crisis’ S / S * * *

EU – What happens to nation’s companies in the case of a Grexit? FT *

EU – Germany is investing too little—hurting Europe, the world and itself E *

EU – Map of European GDP / wapo *

EU – Purchasing power per capita in Europe, 2014 / motw *


POLITICS & FISCAL POLICY

Ukraine – Leaders cautious over ‘Minsk 2’ FT / WSJ / NYT / WSJ *

Ukraine – IMF unveils $17.5b rescue plan FT / B / FT *

Ukraine – Percentage of Ukrainian language schools / motw *

Ukraine – ‘Russia’s aggression part of a broader confrontation’ E / E * *

Ukraine – Russian Asset Sales Muddy Sanction Compliance WSJ

Ukraine – Finland’s capital outflow is Russia-driven R *

Ukraine – Will China Bail Out Russia? cfr *


MONETARY POLICY



FINANCE

Cards – AmEx-Costco Divorce Shakes Up Industry WSJ *

Cards – AmEx Is Losing Its Millionaires B *

Cards – Why New Credit Cards May Fall Short on Fraud Control WSJ *


REAL ESTATE

Ag – Farmland Values in Parts of Midwest Fall for First Time in Decades WSJ

Ag – Barbarians at the farm gate E *


SERVICES

Cigs – Toll on Health Worse Than Previously Thought NYT / AP

E-Cigs – Declared Health Threat by CA Officials WSJ / AP

E-Cigs – States Dash to Regulate WSJ

E-Cigs – Makers target luxury market FT

E-Cigs – Traditional quitting aids suffer R

Pot – Colorado’s legal market: $700m last year, $1b by 2016 wapo *

Pot – Marijuana Industry in Colorado Eager for Its Own Bank NYT


MANUFACTURING



TECH



TRADE & TRANSPORTATION



COMMODITIES

Gold – Global Demand Down in 2014 WSJ / FT

Aluminum – Chinese Shake Up Metal WSJ *

Tin – Falling Indonesian supply fails to support price r *


ENERGY & ENVIRONMENT



LABOR & EDUCATION



HEALTH



ENDNOTE

Google bigger than Russia’s entire market mw *


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